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Europe steps up its fight against fraud
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
Global | Publication | November 2023
On 7 November 2023, the Financial Reporting Council (FRC) published a policy update on its recent consultation with stakeholders on certain revisions to the UK Corporate Governance Code (Code). The policy update was published in light of the fact that the Government’s previously announced plan for primary legislation to modernise the regulation of audit, corporate reporting and governance has not been included in the King’s Speech 2023.
Following its engagement with stakeholders in relation to the consultation on the Code, the FRC has decided to take forward only a small number of the original 18 proposals that were set out in the consultation document and to stop development of the remainder. As a result:
The FRC intends to publish an updated Code in January 2024 and is publishing this policy statement to help stakeholders with their planning.
In light of concerns raised by some stakeholders about how the FRC’s guidance issued under the Code can have unintended effects on businesses, investors and their advisers, the FRC also wants to explore ways of ensuring any guidance is proportionate and limits burdens whilst not weakening effective governance. To this end, from January 2024, the FRC intends to give an additional remit to its Stakeholder Insight Group to provide the FRC with advice on whether there are aspects of its current and planned guidance associated with the Code that could be improved to ensure the right balance is struck between supporting effective governance and reducing unnecessary burdens.
The FRC also notes that during its consultation on the Code, some concerns were expressed by stakeholders about aspects of the UK Stewardship Code. The FRC notes that it is due to review the Stewardship Code in 2024. Once the updated UK Governance Code is issued in January 2024, the FRC will start to engage with stakeholders on how best to review the Stewardship Code, including understanding how it works in practice and what changes may be required going forward to ensure it remains fit for purpose.
(FRC, Statement – Policy update in relation to UK Corporate Governance Code, 07.11.2023)
On 7 November 2023, HM Treasury (HMT) published its response to its consultation on proposed reforms to the financial promotions exemptions for high net worth individuals and sophisticated investors.
See further our Regulation Tomorrow blog post here.
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European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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